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“The fundamentals should not lead to this dramatic reduction (in price). I believe that speculation has entered strongly in deciding these prices.”

Name a time when speculation did not play a role in markets? Asked why speculation was back, el-Badri said:

“I have no idea.” [Covel: “WTF!”]

Speculation never went away. The markets are zero sum. There will always be winners and losers. Some, like Abdallah Salem el-Badri, don’t like to lose and unnamed speculators thus get positioned as “bad”.

Bottom line, speculators just happen to be the wise winners this time.

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